Valley Inc. purchased a patent for $120,000 on July 1, 2017. Bauer estimates that the useful life of the patent will be 12 years from the date of acquisition. Expenditures of $32,000 for successful litigation in defence of the patent were paid on January 1, 2019. The total useful life has been changed to 14 years due to the successful defence. Round all answers to the dollar. 1. What is the carrying value of the patent at December 31, 2017? (1 marks) $ 2. What is the Amortization Expense on the Patent in 2018? (1 marks) $ 3. What is the new annual Amortization Expense on the Patent in 2019? (1 marks) $ 4. What is the Carrying value of the patent at December 31, 2019? (1 marks) $ 5. If the lawsuit was not successful, how would the legal fees be treated? (1 mark) (Answer Capitalized or Expensed) xpenditures of $32,000 for successful litigation in defence of the patent were paid on January 1, 2019. The total seful life has been changed to 14 years due to the successful defence. Round all answers to the dollar. 1. What is the carrying value of the patent at December 31, 2017? (1 marks) $ 2. What is the Amortization Expense on the Patent in 2018? (1 marks) $ 3. What is the new annual Amortization Expense on the Patent in 2019? (1 marks) $ 4. What is the Carrying value of the patent at December 31, 2019? (1 marks) $ 5. If the lawsuit was not successful, how would the legal fees be treated? (1 mark) (Answer Capitalized or Expensed)